November 17, 2022

Sean J. Flynn, Jr. and Andra Ghent ♦ Yes. We show that aggregate stock returns predict aggregate U.S. employment, despite the industrial composition of publicly traded firms differing markedly from that of all firms, and the representativeness of public firms…

John Chi-Fong Kuong and Vincent Maurin ♦ This article analyzes the optimal allocation of losses via a Central Clearing Counterparty (CCP) in the presence of counterparty risk. A CCP can hedge this risk by mutualizing losses among its members. This…